Fortrea (NASDAQ:FTRE) Trading Up 8.8% – Here’s What Happened

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) shot up 8.8% during trading on Thursday . The stock traded as high as $14.73 and last traded at $14.5990. 131,781 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 1,516,176 shares. The stock had previously closed at $13.42.

Wall Street Analysts Forecast Growth

FTRE has been the subject of several recent analyst reports. TD Cowen reaffirmed a “buy” rating on shares of Fortrea in a research report on Wednesday, May 6th. Mizuho lifted their price objective on shares of Fortrea from $11.00 to $13.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 12th. Truist Financial set a $19.00 price objective on shares of Fortrea in a research report on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $14.00 price objective on shares of Fortrea in a research report on Thursday, May 7th. Finally, Barclays lifted their price objective on shares of Fortrea from $11.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. Five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $17.25.

Fortrea Trading Up 11.6%

The stock has a market capitalization of $1.42 billion, a PE ratio of -3.05, a PEG ratio of 0.40 and a beta of 1.92. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.98. The business’s 50-day moving average is $11.27 and its two-hundred day moving average is $12.91.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.13. Fortrea had a negative net margin of 16.50% and a positive return on equity of 9.51%. The firm had revenue of $636.50 million during the quarter, compared to analysts’ expectations of $628.51 million. On average, analysts anticipate that Fortrea Holdings Inc. will post 0.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Jill G. Mcconnell sold 5,061 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $9.07, for a total value of $45,903.27. Following the completion of the sale, the chief financial officer directly owned 69,796 shares of the company’s stock, valued at $633,049.72. The trade was a 6.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 8,792 shares of company stock valued at $80,014 over the last three months. 0.38% of the stock is owned by insiders.

Institutional Investors Weigh In On Fortrea

Institutional investors and hedge funds have recently bought and sold shares of the stock. Larson Financial Group LLC lifted its position in Fortrea by 136.7% in the fourth quarter. Larson Financial Group LLC now owns 1,856 shares of the company’s stock valued at $32,000 after acquiring an additional 1,072 shares during the last quarter. Toronto Dominion Bank purchased a new stake in Fortrea in the fourth quarter valued at $51,000. Mirae Asset Global Investments Co. Ltd. lifted its position in Fortrea by 27.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,490 shares of the company’s stock valued at $77,000 after acquiring an additional 980 shares during the last quarter. Allworth Financial LP increased its stake in Fortrea by 19.6% in the third quarter. Allworth Financial LP now owns 6,769 shares of the company’s stock valued at $57,000 after purchasing an additional 1,109 shares during the period. Finally, Osaic Holdings Inc. increased its stake in Fortrea by 74.3% in the second quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock valued at $38,000 after purchasing an additional 2,918 shares during the period.

About Fortrea

Fortrea, Inc is a global contract development and manufacturing organization (CDMO) that provides integrated solutions for pharmaceutical and biotechnology companies. Established as a spin-off from Thermo Fisher Scientific’s Pharma Services business in October 2023, Fortrea leverages a legacy of scientific expertise and manufacturing scale to support drug development from early-stage research through commercial production. The company’s comprehensive offerings address the complex needs of both small-molecule and biologics programs, making it a single source for clients seeking to accelerate timelines and manage costs.

Fortrea’s core services encompass analytical and formulation development, process optimization, clinical and commercial manufacturing, and packaging services.